Modeling generation expansion in the context of a security of supply mechanism based on long-term auctions. Application to the Colombian case
In an attempt to provide electricity generation investors with appropriate economic incentives so as to maintain quality of supply at socially optimal levels, a growing number of electricity market regulators have opted for implementing a security of supply mechanism based on long-term auctions. In this context, the ability to analyze long-term investment dynamics is a key issue not only for market agents, but also for regulators. This paper describes a model developed to serve this purpose. A general system-dynamics-inspired methodology has been designed to be able to simulate these long-term auction mechanisms in the formats presently in place. A full-scale simulation based on the Colombian system was conducted to illustrate model capabilities.
Year of publication: |
2011
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Authors: | Rodilla, P. ; Batlle, C. ; Salazar, J. ; Sánchez, J.J. |
Published in: |
Energy Policy. - Elsevier, ISSN 0301-4215. - Vol. 39.2011, 1, p. 176-186
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Publisher: |
Elsevier |
Keywords: | Security of supply Long-term auctions Electricity market modeling |
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